North Korea is the micro topic of the moment when it comes to security issues in our Asia game theater, but there are also territorial disputes regarding the South China Sea and potential brinksmanship between China and the United States. My recent research trip to Asia provided some insight into these situations.

First, in North Korea, Kim Jong-un continues to demonstrate China’s lessened ability to control him. Despite potential for discussions between the United States and China regarding this matter, it is unclear what is even in the realm of possibilities when it comes to agreement on bottom-line objectives.

The United States wants North Korea to stop developing its nuclear capability, and North Korea does not want to stop developing it. Sanctions that cut off funding slow North Korea, but won’t halt it. And if Kim Jong-un is removed from power, there would likely be a flood of refugees into China, the potential for a reunified Korean peninsula aligned with the United States, and/or a wildcard as Kim Jong-un’s successor. China does not like any of these possibilities.

The climate is more favorable for China in other areas. Moving on to the South China Sea, disputes involve both island and maritime claims among several sovereign states within the region, and there are many non-claimant states that want the South China Sea to remain as international waters. One reason: trillions of dollars’ worth of global trade pass through the body of water. Another is defense: China sees itself surrounded by U.S. allies across the waterways looking east.

China is thus creating and developing islands in the South China Sea and other nations are objecting. The Philippines seemingly capitulated to China by backing off on the intensity of its dispute of island claims. Instead, the Philippines agreed to pursue joint development with China. This has been China’s long-standing strategy: develop together and worry about claims later.

Chinese President Xi Jinping’s goal is to buy time, slow down, and dilute any U.S. actions with counterpunches.

Lastly, China has been studying President Donald Trump’s trade and security plans. President Xi Jinping’s goal is to buy time, slow down, and dilute any U.S. actions with counterpunches. The consensus is that China will not initiate or escalate, but will certainly hit back. China is already adept at this practice, and has had longer to think about it than Trump’s team. While acknowledging the risk of a large trade or security scuffle, China feels good about its chances of outmaneuvering an undisciplined player.

As I mentioned previously, China and the United States are the big players in the region, and the United States’ coalition power has decreased. That said, Japan, in particular, appears particularly keen to affirm their partnership with the U.S. with respect to security, and we’re likely to see further mutual commitments there.

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Any statements or opinions expressed are those of the author as of the date of publication, are subject to change without notice as economic and markets conditions dictate, and may not reflect the opinions of other investment teams within William Blair Investment Management, LLC or the Investment Management Division of William Blair & Company, L.L.C.

This content is for informational and educational purposes only and not intended as investment advice or a recommendation to buy or sell any security. Investment advice and recommendations can be provided only after careful consideration of an investor’s objectives, guidelines, and restrictions.

Factual information has been taken from sources we believe to be reliable, but its accuracy, completeness or interpretation cannot be guaranteed. Investments are subject to market risk. Forecasts, estimates, and certain information contained herein are based upon proprietary research and should not be interpreted as investment advice, as an offer or solicitation, nor as the purchase or sale of any financial instrument. Statements concerning financial market trends are based on current market conditions, which will fluctuate.

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Please carefully consider the Funds’ investment objective, risks, charges, and expenses before investing. This and other information is contained in the Funds’ prospectus, which you may obtain by calling +1 800 742 7272. Read it carefully before you invest or send money. Investing includes the risk of loss.

Any statements or opinions expressed are those of the author as of the date of publication, are subject to change without notice as economic and markets conditions dictate, and may not reflect the opinions of other investment teams within William Blair Investment Management, LLC or the Investment Management Division of William Blair & Company, L.L.C.

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Your use of the William Blair website

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Cookie Policy

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ADDITIONAL RESOURCES

Under Rule 2.2.3R of the Financial Conduct Authority’s (FCA) Conduct of Business Sourcebook, William Blair International (“WBI”) is required to include a disclosure about the nature of its commitment to the UK Financial Reporting Council’s Stewardship Code (the “Code”) or, where it does not commit to the Code, its alternative investment strategy. The Code is a voluntary code and sets out a number of principles relating to engagement by investors with UK equity issuers. Investors that commit to the Code can either comply with it in full or choose not to comply with aspects of the Code, in which case they are required to explain their non compliance. We have detailed below the reasons why WBI has chosen not to commit to the Code.

WBI pursues a long only global equity strategy that involves it investing in global equities, including UK equities. The Code is therefore relevant to some aspects of WBI’s trading. While WBI generally supports the objectives that underlie the Code, WBI has chosen not to commit to the Code. WBI invests in a variety of asset classes and in a variety of jurisdictions globally. The policies of the WBI in relation to engagement with issuers and their management are determined globally. WBI takes a consistent global approach to engagement with issuers and their management in all of the jurisdictions in which it invests and, consequently, does not consider it appropriate to commit to any particular voluntary code of practice relating to any individual jurisdiction.

Business Continuity Plan

FINRA Rule 4370 requires that members and member firms establish and maintain business continuity and contingency plans relating to an emergency or significant business disruption.

The data that you will find by following the link above will provide you with an indication of the type of execution you will receive for stocks in which William Blair is a market maker. However, please be aware that the majority of the order flow executed by William Blair & Company is not covered by NMS Rule 605 due to special handling requests by customers. The execution results from this order flow will not appear in the data and may differ substantially from the results.

William Blair takes into consideration many factors when determining where to route customers’ orders. These include opportunities for price improvement, speed of execution, market depth and order size, cost of execution and the reputation of a particular venue. William Blair actively monitors the execution quality provided by the different market makers and exchanges, and routes orders to venues that have provided consistent, high-quality executions over time.